Newmark Capital Markets has announced the $117.1 million sale of Campus 2100, a core, class A creative office campus in El Segundo. The 94 percent occupied campus encompasses three buildings across 203,946 square feet of space. This transaction, at $575 per square foot, represents the second highest per square foot office sale in El Segundo. Newmark Capital Markets also established the highest price per square foot eighteen months ago with the sale of Apollo at Rosecrans at $608 per square foot.
Newmark Capital Markets West Coast President Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, and Managing Directors Michael Moll and Laura Stumm represented the seller, Rockwood Capital along with Marshall Property and Development, in the transaction to the buyer, Deutsche Asset & Wealth Management.
“El Segundo has truly evolved into a lower Westside office market with rents surging 17 percent in asking rates over the last 24 months. The city continues to benefit from the explosive growth of Silicon Beach, providing tenants an additional alternative to Playa Vista and Santa Monica and further underscoring the record price for this campus,” said Shannon. “The property’s strong in-place cash flow provides long-term upside with a weighted average remaining lease term of approximately 5.5 years and in-place rents that are more than 15 percent below current market rates.”
Campus 2100 is located at 2100 to 2150 East Grand Ave. in El Segundo. Built in 1981, the property recently completed a high-profile creative conversion led by architect HLW encompassing sought-after tenant amenities. The property features a garden area with public conference/kitchen bistro, along with common area seating and bocce ball court. Campus 2100 is currently leased to 11 high-profile tenants across a diverse selection of industries.
Campus 2100 is located along one of the most sought after coastal areas of California. The location and its tenants benefit from access to the Metro Green Line along with close proximity to the 405, 105, 110, 710 and 91 freeways.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.